GEM Realty Capital Acquires Property In Boca Raton For $34.6 Million With Broker Dominic Montazemi
SOLD
$34,600,000
+ 1
Florida
See Similar DealsOffice102,431 SF
Sold 01/30/2019
SOLD
GEM Realty Capital Acquires Property In Boca Raton For $34.6 Million With Broker Dominic Montazemi
975 S Federal Hwy, Boca Raton, FL, 3...
See Similar DealsOffice102,431 SF
Sold 01/30/2019
+ 1
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$337
Total Square Footage:102,431 SF
Transaction Type:Sale
Gem Realty Capital has acquired an office asset located at 975 S Federal Hwy, Boca Raton, FL for $34,600,000. The property, known as Wells Fargo Plaza, consists of a seven-story office building and a two-story structure that includes a retail branch, offering a total of 102,431 square feet of space. The acquisition took place within the Boca Raton market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $34,600,000.00
- Address: 975 S Federal Hwy, Boca Raton, FL
- Seller: IP Capital Partners
- Buyer: GEM Realty Capital
- Seller's Representative: Dominic Montazemi (Cushman & Wakefield)
- Square Footage: 102,431
- Year Built: 1999
- Location: 925 and 975 S. Federal Highway, Boca Raton, FL
- Tenants: Wells Fargo, Kanner & Pintaluga, P.A., MoreVisibility
A Cushman & Wakefield team that included Mike Davis, Dominic Montazemi, Scott O’Donnell, Rick Brugge, and Michael Lerner represented the seller, IP Capital Partners, in the transaction. Wells Fargo has maintained its tenancy at the property since its construction and has recently renewed its lease through 2025.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,845,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$122,926.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$164,021.65
Annual Debt Service$1,968,259.83
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